Bitcoin now become the second largest currency in use after the regular fiat currency like USD or any other and if you are the holder of Bitcoin than how to convert Bitcoin to USD?
You can have many ways to convert fiat into Cryptocurrency as explained in the best way to buy any CryptoCurrency.
But in very few places, you can get an idea of how after selling Bitcoin you can convert that to the fiat currency like USD, EUR, GBP, INR, etc.
The current value of Bitcoin is trading around 8000$/BTC, one of the most expensive digital currency in the world and experts expecting its high price surge in the future.
Well, if you have already invested in Bitcoin or any of the digital cryptocurrency than in this guide, we will discuss how to convert Bitcoin to USD or any other fiat currency.
We will also focus on how to cash out Bitcoin as in most ways you will get money either in your bank account or Paypal.
Many countries have different regulations and government taxes rules, so you can choose the best way out of below listed.
If you are already holding cryptocurrency and aware of the potential risk associated with Bitcoin than can escape the Cryptocurrency overview else continue with all.
What is CryptoCurrency?
CryptoCurrency is a non-regulated decentralized cryptography-based digital currency which has no control of any central government authority.
Means the price of the coins will be often volatile and either you can get a huge profit or a huge loss.
In the case of any cyber attack to your Bitcoin wallet or any digital asset, you won’t have anyone to complain and refund back.
Unlike USD, Bitcoin is not backed up by any central government which makes its price more volatile and unpredictable.
Bitcoin is known as the mother of CryptoCurrency, it was the first decentralized cryptocurrency introduced back in the year 2009 and since then it got massive popularity.
It will surprise you that Bitcoin has touched its all-time height of approx 20,000 USD/BTC in the year 2017.
To learn more about Bitcoin check our Detail guide on Future of Bitcoin and how it works.
I imagine you have Bitcoin(BTC) and searching for how to Convert Bitcoin to USD will go one by one.
How to Convert Bitcoin to USD in 3 Ways
Below highlighted platforms or way may not support in your country or jurisdiction due to some legal issues.
Please do your own due intelligence on the usage of any of the below platform in your country and process for BTC to USD conversion in legit ways.
Let me drop all the three best ways which are effective and will provide you low-cost withdrawal fees.
CoinBase BTC to USD convert
Coinbase is one of the best answers on how to convert Bitcoin to USD, it provides the easiest interfaces to withdraw funds to the bank, Paypal, etc.
Every coinbase account based on the country will have your local currency wallet, if not any than most probably USD will be there.
Find below list of countries for which local currency is listed with CoinBase for others they have to use another alternative.
Which allow depositing or withdrawing your local currency within wallet or out from the wallet.
To use coinbase first do signup and verify the bank account to which you want to get withdrawal.
Go to Setting and Click to Link Account, a new window will pop up with all list of possible deposit or withdrawal options.
From the above-listed options, currency type and the bank will vary. If in the USA will ask to enter for USA Bank account details and if in the UK will display UK Bank account details.
PayPal – CoinBase will allow withdrawing your funds to your PayPal Account, But Deposit from PayPal to Coinbase is still not active.
Euro Bank Account – Coinbase offers withdrawal or Deposit of Euro to the EURO Bank account if you are converting Bitcoin in EURO or vice versa.
UK Bank Account – Similar like EURO user can also withdraw GBP in or out from CoinBase wallet.
Credit/Debit Card– This only allows to buy or deposit fiat to CoinBase wallet.
The user won’t have to pay any fees to deposit fiat to CoinBase wallet using Bank transfer but buy-sell of Cryptocurrency will charge you the below-specified amount.
The process on how to convert BTC to USD will be simple, first, make sure your Coinbase wallet must have a Bitcoin.
If you have BTC outside of Coinbase wallet than first transfer Bitcoin to Coinbase Bitcoin Wallet.
Click to Account –>BTC Wallet–> Receive, will display deposit address of Bitcoin. Copy that address and send your Bitcoin to this address.
Once you have fund with CoinBase, this time is to convert that to USD or any fiat currency.
- Click to Buy/Sell.
- Click to Sell
- Chose Sell From with “BTC Wallet”.
- Deposit to either GBP/USD /EUR or any local currency wallet.
- Provide the amount of BTC you want to convert to USD/GBP
Corresponding Selling fee will apply as stated above and Total Payout will display, after that hit to Sell Bitcoin Instantly.
In Few seconds the equal amount of USD or GBP will be credited to your CoinBase local currency wallet.
Now the next step is to withdraw or cash USD/GBP in your bank account.
- Go to Account and click to USD/GBP Wallet.
- Click to Withdraw options available for GBP/USD Wallet.
- A new window will open to provide withdraw from chose your GBP/USD Wallet.
- Deposit to, where you can choose either Bank account or your PayPal whatever option available in your country.
- Finish withdrawal and after few seconds you will receive an email with expected date of arrival USD or GBP to your selected withdrawal option.
While doing withdrawal fo USD/GBP from CoinBase wallet will charge you fees as stated below.
For US Customers, Coinbase offers ACH Bank transfer for free, where it takes around 3-5 business days to complete after initiating the withdrawal.
Make sure, while transferring money to your local currency wallet or Coinbase, it won’t be able to transfer or withdrawal out from Coinbase instantly.
Your Funds will be on hold for at least 4-5 working days then only you will be able to send out to Bank account.
Coinbase is the most recommended way to convert Bitcoin to USD and I hope you got an idea of how to do the conversion of Cryptocurrency to fiat.
Convert BTC to USD Using Gemini
Gemini is one of the most famous exchange but Only a few Cryptocurrencies trading pairs are available with Gemini.
Out of them the Bitcoin and Ethereum are the most traded currencies on the Gemini.
Gemini also offers to convert Bitcoin into USD using a simple and the most efficient ways. But access to Gemini is limited to only a few countries.
If you are the user of outside below list of countries then you are not eligible to create an account with Gemini.
- United States
- Hing Kong
- South Korea
- United Kingdom
If your BTC is out from the Gemini wallet, first need to transfer Bitcoin to the Gemini wallet same as you have done with CoinBase.
Now you can go to Sell BTC/USD pair and sell Bitcoin for the exchange of USD and the respective fees will apply.
Now you will have your USD Balance in USD Wallet, now prepare to transfer that to your linked bank account.
Where transferring of USD to the bank account will be possible through ACH or wire transfer and after successful withdrawal funds will be available in your bank within 3-5 Business days.
Well in both CoinBase and Gemini you would need to complete KYC first and then only you are eligible to Buy/Sell Cryptocurrencies.
The interface of Coinbase looks much easier as compare to Gemini and well suits for the beginner.
Gemini is restricted to only a few countries, which makes Coinbase as the standard solution on how to convert Bitcoin to USD or any other fiat currency.
Convert Bitcoin to USD Cash using local Bitcoin
Above two methods are the best way if you are willing to convert Cryptocurrency to fiat currency and want the immediate transfer to the bank account.
If you are willing to sell Bitcoin for Cash than there is a platform called LocalBitcoin, it is one of the trusted platforms in Cryptospace.
LocalBitcoin was started back in the year 2012 and headquartered in Finland and currently been used in 16632 cities and 248 countries worldwide.
It is not like a traditional exchange, On Localbitcoin one person can place any rate for sale of Bitcoin and others can buy for that price if it fits his choice.
You can select the way you want to get USD either by cash or IMPS bank transfer or any available listed ways.
You can Choose the currency for which you want to sell, the country in which you stay and way you want to get money including cash, Paypal, bank transfer and a few others.
It is like people to the people transfer process and the process will be like every user who wants to sell Bitcoin need to first transfer his amount of Bitcoin from LocalBitcoin wallet to Escrow wallet.
When buyers pay money and seller confirm the receiving of money then only the amount of Bitcoin will be transferred to the end user.
You can also select the sell by cash, where you can ask buyers to give you cash in exchange for Bitcoin.
LocalBitcoin won’t ask you to complete any KYC process means your identity as buyer or seller will remain anonymous.
The price of the Selling Bitcoin can be decided by the owner of the Bitcoin and he may also set a minimum amount of trade.
You can search for any nearby buyer of your local city in exchange for the cash as this is not a corporate exchange or trading platform, it is a P2P network.
If you as a seller agree to sell and buyer agree to buy can finish your own trade very quickly.
Well in my experience only this is the best way to sell Bitcoin for cash or convert Bitcoin to USD.
My View on Convert BTC to USD
Many people can jump in the crypto industry very quickly by purchasing bitcoin or any other digital asset in a simple and easy way.
But they are struggling while converting back to the fiat currency due to central regulations where no bank support and no local currency listed.
Bitcoin now becomes the global currency and there are lot many buyers surrounding you, so how to find them? The simple and easy way is using LocalBitcoin platform.
Opt the best way of selling which fits your local government or jurisdiction rule. If possible try to use coinbase as it will have very good user support by call, email or support request.
Let me know which method you would love to prefer to convert Bitcoin to USD.